Banco Products (I) Limited has informed the Exchange about Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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Banco Products has informed the stock exchanges that CRISIL Ratings, its erstwhile rating agency, has migrated its cash credit facility rating to 'CRISIL BB+/Stable; Issuer Not Cooperating.' The company clarifies that this 'Issuer Not Cooperating' tag is purely procedural — it arose because Banco stopped CRISIL's surveillance process after appointing CARE Ratings as its new rating agency. CARE Ratings has assigned 'CARE AA, Stable / CARE A1+' to the company's bank facilities, which the company states is consistent with its prior CRISIL rating. Importantly, Banco confirms there has been no default in repayment of principal or interest on any debt facility, and all debt servicing obligations continue to be met on time.
The CRISIL BB+ classification carries a speculative-grade connotation and the 'Issuer Not Cooperating' suffix may raise short-term concerns among investors, but the company's active rating from CARE is investment-grade (AA/Stable). Shareholders should note the rating-agency switch was voluntary and no debt defaults have occurred, though the underlying BB+ rating sits below investment grade and warrants monitoring.